regards to the order of CIT(A) sustaining the
addition of unsecured loans amounting to Rs.2.50 lacs as unexplained
14
Jawahar B. Purohi ... confirming addition of Rs.
2,50,000/- on account of alleged unsecured loans
under section 68 of the Income
issued a show cause to the
assessee as to why unsecured loan of Rs. 1.00 crore from M/s Mehul Gems ... loan
transaction along with supporting documentation to the department.
Regarding loan from M/s Ankita Exports, it was submitted that assessee has
taken unsecured loan
that loan was raised due to fresh loan take from bank and bank
imposes the conditions to raise the fresh loan and loan shall ... general fund is increased. Secondly term loan and working
capital loan was under utilized. Thirdly almost unsecured loan are filing their
income tax return
deletion of addition made by the Assessing Officer towards
unexplained unsecured loans.
ITA.NO.3091/MUM/2017 FOR ASSESSMENT YEAR 2008-09
3. First ... entries in the nature of the bogus bills/sales bills and
unsecured loans. As per the information the assessee is one of the
beneficiaries
justified in confirming the addition of Rs.
200000/- towards unsecured loan taken from Shri Bajraang Lal,
holding the same as unexplained ... Appeal) is justified in confirming the addition of Rs. 250000/-
towards unsecured loan taken from Shri Pramod Kumar, holding
the same as unexplained
Assessing Officer on account of disallowance of interest on unsecured
loans.
2. Whether on the facts and in the circumstances of the case ... position the appellant paid huge
interest to banks, NBFCs and on unsecured loans. He held that "when assessee is
having minimum
made by AO on account of unsecured loans.
iv. On the facts and in the circumstances of the case and in law, the
learned ... account of sundry creditors, disallowance of various
expenses, unsecured loans and cash deposits respectively.
2.2 The assessee is engaged in the business of running
also deleted
the addition of Rs 1.50 crore with respect to unsecured loan on account of M/s Index
Securities & Research ... addition of Rs. 15000000/- made by AO on account
of unsecured loan from M/s Index Securities & Research Pvt. Ltd.
3. (a) The order
observed that the assessee obtained a unsecured loan (inter
corporate loan) of Rs. 11,20,23,500/- from one of its step-down
subsidiary ... companies to the assessee
company. Thus it is evident that the unsecured loan borrowed from
SMIL has not been utilized wholly and exclusively
response to show cause notice, the assessee has furnished details of
unsecured loans taken from Josh Trading Company Pvt Ltd and Viraj
Mercantile ... upon plethora of judgements
confirmed additions made by the AO towards unsecured loan from Josh Trading
Company Pvt Ltd and Viraj Mercantile
